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According to Reuters, the technology behind the company Bitcoin is now coming to automobile sharing industry. On Wed, the accounting and consulting firm EY mentioned that it is going to launch a system that will base on the blockchain. The system will allow the establishments or people to partner the possession of automobiles.

John Simlett, a co-owner at the firm told Reuters that there is a possibility that EY can install the Tesseract system in a test with an anonymous ally during the subsequent quarter.

The whole idea of the vehicle usage sharing isn’t an alien notion in the world of automobiles. However, the introduction of blockchain technology for the registration of the automobile ownership, allocation of insurance expense, and all other related dealings is in its early stages.

For instance, in May, Toyota Motors said that its research department is looking forward to collaborating with researchers at MIT and other technological allies in the aim of developing apps that would base on the blockchain. The company also said that it is also working with allies for generating insurance products on the basis of the usage while deploying this technology.

Another person from EY said that this system will make it easier for people to have a mutual ownership over multiple vehicles all at the same time. The technology also gives a mutual access to the whole record, which is kept by a computer network.

Previously in this month, a chain of some big food and retail firms said they had become a member of an IBM effort for investigating how this system can become applicable to the supply chain of food business as well.

There has been a recent statement by Microsoft as well in which it said that it is generating a structure named CoCo that will help in easing up the adaptation of blockchain technology in marketable dealings.